Azerbaijan's oil exports to India shrink drastically

From January through March 2022, India imported 136,966 tons of crude oil from Azerbaijan, Report informs, citing the Azerbaijani State Customs Committee.

According to the committee, India paid Azerbaijan $90.152 million for the oil.

In the first three months of 2022, Azerbaijan’s exports to India decreased 6.2 times in volume and 3.84 times in monetary terms, compared to the same period last year.

The share of crude oil in Azerbaijan’s exports to India was 2.33%. India is the 11th largest importer of crude oil from Azerbaijan. In the same period last year, the country ranked second on the list of oil buyers.

In January-March 2022, Azerbaijan exported 5,887,523.51 tons of crude oil and crude oil products from bituminous rocks and earned over $3.68 billion.

The volume of crude oil exported in January-March this year was 16.4% less than in the same period of 2021, but its value was 38.1% higher.